pivx (PIVX)
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About PIVX
PIVX (Protected Instant Verified Transaction) is a decentralized, open-source cryptocurrency project that prioritizes user financial data protection. Launched in 2016, PIVX is built on Bitcoin's codebase but has undergone significant custom developments, including the use of a Proof of Stake (PoS) consensus protocol and the implementation of the zk-SNARKs Sapling privacy protocol. PIVX operates as a decentralized autonomous organization (DAO), allowing for community-driven governance and self-funding through a monthly treasury system. Unique features of PIVX include burning 100% of transaction fees, secure cold staking, and a Masternode network that provides decentralized services and voting. As a pioneer in Proof of Stake privacy, PIVX has accomplished numerous blockchain firsts and continues to innovate, with a focus on delivering a sustainable, scalable, and privacy-preserving cryptocurrency ecosystem.
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Frequently Asked Questions about pivx
What is PIVX (PIVX)?
PIVX (Protected Instant Verified Transaction) is a decentralized, open-source cryptocurrency project that focuses on user financial data protection. It is built on Bitcoin's codebase but has undergone significant custom developments, including the use of a Proof of Stake (PoS) consensus protocol and the implementation of the zk-SNARKs Sapling privacy protocol.
How does PIVX work?
PIVX uses a Proof of Stake (PoS) consensus mechanism, where users can earn rewards by holding and staking their PIVX coins. The network also utilizes a second layer of functionality through a Masternode network, which provides a decentralized governance mechanism. PIVX integrates the zk-SNARKs Sapling privacy protocol to protect user transaction data.
What makes PIVX unique?
PIVX is a decentralized autonomous organization (DAO) that is self-funded and community-driven. It burns 100% of all transaction fees, has the ability to perpetually self-fund development through monthly treasury payouts, and is a pioneer in Proof of Stake privacy. PIVX has also accomplished numerous blockchain firsts, including being the first Proof of Stake project with Masternodes, blockchain-based governance, and the implementation of the zk-SNARKs Sapling privacy protocol.
How is the PIVX supply managed?
PIVX has a dynamic coin supply that is designed to balance inflation and deflation in the long term. New PIVX are created through a static/fixed block emission rate, with 4 PIV going to the staker and 6 PIV going to the Masternode owner. Additionally, 100% of transaction fees are burned, which helps offset the emission rate.
What are the key features of PIVX?
Key features of PIVX include optional privacy through the zk-SNARKs Sapling protocol, fast and low-cost transactions, secure cold staking, Masternode rewards, a built-in community governance model, an infinite funding runway through the treasury system, advanced wallets, and a track record of innovation as a pioneer in Proof of Stake privacy.
How can I get involved with PIVX?
There are several ways to get involved with the PIVX community, including becoming a developer, merchant, or end-user. You can also participate in the governance process by running a Masternode or voting on community proposals. The PIVX team welcomes new members to join the community and contribute to the project's growth and development.
What is the PIVX roadmap and future plans?
PIVX is continuously working on improving its technology and expanding its ecosystem. Some of the upcoming developments include the implementation of Deterministic Masternode Lists, Long Living Masternode Quorums (LLMQs), and further enhancements to the zk-SNARKs Sapling privacy protocol. The PIVX team is also exploring new use cases and partnerships to drive the adoption and growth of the PIVX network.
How can I store my PIVX securely?
PIVX offers several secure storage options, including the official PIVX wallet, which supports both hot and cold staking. Users can also store their PIVX on hardware wallets like Ledger and Trezor for maximum security. The cold staking feature allows users to keep their PIVX in a secure offline wallet while still earning staking rewards.